With three days to go before the close of COP29, the negotiations on climate financing remain deadlocked, despite the call from the G20 leaders on the night of 18-19 November in Rio (Brazil) to step up global cooperation. While the needs of developing countries are estimated at $1000 billion a year between now and 2030, no concrete agreement has yet been reached in Baku (Azerbaijan).
In a declaration issued on the morning of 19 November from Rio, G20 leaders called for increased public and private financing to support developing countries’ climate efforts, with the “New Collective Quantified Goal” (NCQG) for the most vulnerable countries (see EUROPE 13522/10) being the main issue at the Baku Summit.
The UN’s Executive Secretary for Climate Change, Simon Stiell, welcomed this commitment in a statement: “G20 delegations now have their marching orders for here in Baku: do not leave Baku without a successful new finance goal”.
However, the text remains vague on how the contributions will be shared between the developed countries and the major emerging economies such as China, a divisive issue during the negotiations. The demands of vulnerable countries for clear and accessible funding are coming up against the reluctance of the major powers to make a greater commitment.
The European Union, represented by Commissioner Wopke Hoekstra, is actively involved in the discussions.
In previous statements (see EUROPE 13526/9) on 18 November, the European Commissioner stressed the central role of public financing, while calling for private and multilateral resources to be mobilised to achieve the climate objectives.
The EU is also working to advance discussions on Article 6 of the Paris Agreement, which aims to structure carbon markets.
The European parliamentary delegation, which arrived on 18 November, is follower the negotiations with observer status. Lídia Pereira (EPP, Portuguese), Chair of the delegation, spoke of the importance of these discussions in preparing for the future: “We need to broaden the donor base to meet growing climate needs, while laying the groundwork for COP30 in Brazil”.
Progress on the margins of the global negotiations. Despite the stalemate on major financial commitments, progress has been made in a number of sectors. The declaration on reducing methane emissions, signed by 30 countries accounting for 47% of global emissions from organic waste, aims to set ambitious sectoral targets.
The Harmoniya initiative, launched with the Food and Agriculture Organization of the United Nations (FAO), will centralise funding for farmers to strengthen their role in climate action.
The Azerbaijani Presidency is expected to break the deadlock and bring positions closer together. Simon Stiell urged the parties to overcome the deadlock: “We urgently need to find common ground on all issues”.
With COP29 due to end on 22 November, reaching a compromise will be decisive in defining the basis for future climate talks, particularly with a view to COP30 in Brazil.
The G20 declaration: https://aeur.eu/f/ee8 (Original version in French by Nithya Paquiry)